IDEAS home Printed from https://ideas.repec.org/p/bon/boncrc/crctr224_2018_025.html
   My bibliography  Save this paper

Relevant Decision Problems and Value of Information

Author

Listed:
  • Lily Ling Yang

    ()

Abstract

In this paper, we employ a novel approach to study the value of information in games. A decision problem is relevant to another if the optimal decision rule of the former, when applied to the latter, is better than making a decision without any information in the latter. In a game, if the problem originally faced by a player is relevant to the problem induced by a change of the situation, the player benefits more from her own information after the change. Using the notion of relevance, we study the value of information in various games, even when a closed form solution is not available.

Suggested Citation

  • Lily Ling Yang, 2018. "Relevant Decision Problems and Value of Information," CRC TR 224 Discussion Paper Series crctr224_2018_025, University of Bonn and University of Mannheim, Germany.
  • Handle: RePEc:bon:boncrc:crctr224_2018_025
    as

    Download full text from publisher

    File URL: https://www.crctr224.de/en/research-output/discussion-papers/discussion-papers#DP25
    Download Restriction: no

    More about this item

    Keywords

    Value of information; Quadratic game; Global game; Persuasion game;

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bon:boncrc:crctr224_2018_025. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (CRC Office). General contact details of provider: https://www.crctr224.de/en .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.